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20120925
20121003
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CNBC 36
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CNBC
Sep 28, 2012 4:00am EDT
. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with the same salary next year, people here will pay much more taxes than they used to pay. so basically, yes, it's focused on a tax increase. it's really imp
CNBC
Sep 30, 2012 7:30pm EDT
recession and deficits by more austerity when the economy is this weak. so i think europe's got a big problem, but for u.s. investors, i think we should take it with a grain of salt. i mean, europe is slow but we don't expert that much to europe. our financial system looks very strong. and i think u.s. consumer confidence at this stage is somewhat resilient to all these stories coming out of europe. i think it's a bigger story for europe than it is for the united states. >> in the united states we have a different set of worries. warnings from big american companies about their future earnings. we ended the third quarter and already heard from fedex, we heard from caterpillar, big global companies that are citing europe. caterpillar is citing china as well. what are you expecting out of the earnings period that we will begin to see in the next couple weeks? >> there is a slowdown going on in the global economy because you have this recession in europe then you have a slowdown in china, which is more significant than i think the chinese gdp numbers suggest. and that's rippling through
CNBC
Sep 27, 2012 6:00am EDT
to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the economists. and it's just a question of how much they'll miss by. because this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia ar
CNBC
Sep 26, 2012 7:00pm EDT
% growth in gdp. what he's referring to the fact we're not going to let this increase the deficit. and so the growth in revenues as a result of the economic growth is going to pay for that in part, and we're also going to make the tax system flatter and fairer and simpler which is something else conservatives have wanted, which is also pro-growth. and that's the part the governor is emphasizing. >> he says don't expect any big tax cuts. first of all, you guys ought to pledge to the middle class those middle brackets. i'm not talking about the upper. the upper should lose their tax deductions and everything should be on the table. but i'm talking about the brackets that are around 15% to 28%, jim. that's where the take home is going to rise. you ought to say we're going to leave your deductions alone. we're going to take it out of the high of the upper income people because we're giving them a big tax cut. the middle class, he shouldn't even suggest they're going to be tax deductions. i wrote a column about this. i said use reagan's slogan. use reagan's slogan. all right. take-home pay, th
CNBC
Sep 27, 2012 4:00am EDT
. the 2012 budget had 64 billion euros worth of austerity built into it. that was designed to get the deficit levels right back to those iconic levels, but they missed on their deficit star get last year and they'll miss on this year. they're hanging on to #.5% bond you this believes if not reable because austerity on top of a recessionary environment is a toxic mix. >> the ecb saying spanish bank deposits down 1.1% on the month in august, which means they're now the lowest level since april 2008. and we've got a prime minister there who has effectively said to the markets come out and short me because we're not going to go for a bailout unless webo costs go higher. and he's trying to delay aid until after the catalonia elections. and that seems like a pretty thin tight rope to walk. loan i. >> and we'll get the report on just how much money the banks need. it is suspected it will be in the 60 billion plus. but the elections on october 21st, that's rajoy's own province. and then you have the cat lo loaniloa loanian region think they're the richest region giving too much to the others. the res
CNBC
Oct 1, 2012 4:00am EDT
have started looking over. we got current account deficit and that taps at 3.9%. was at about 4.5%. in the quarter gone by, there was a surplus of close to about $5 billion. and we just got the august trade data out, as well. imported out about 5.1%. and august trade data is more or less in line. on that note, it's back to you again. >> all right. thanks for that. gold a bit of a boost in the run up to qe being launched since -- >> yeah, consolidating. i guess we've seen a pretty positive correlation between qe and pursuing months. so i think we'll see it push higher. as we see the race to the base, it can only be good for the gold price and obviously an even more interesting place, the gold miners. >> i just want to point out this tie isn't because i'm long gold. it's actually because i'm supposed to be matching, see that, this is the -- >> you need to be in a blue tie. >> there's some yellow in there, fwr greg. should have worn a yellow shirt. >> next time. >> not that you should take any fashion advice for me. so what about the reaction to that chinese data? li has the detail
CNBC
Oct 2, 2012 4:00am EDT
will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different fr
CNBC
Oct 1, 2012 7:00pm EDT
in deficits. >>> hundreds of mexicans are involved in the fast and furious. this is a terrible story, hundreds of mexicans may be involved. should attorney general holder be fired immediately over this new information? >>> the ism signals no recession, that's good. but is the obama-bernanke qe stimulus plan going to bail out the president in this election and what about down the road, does it give us a huge inflationary bubble? lee munson, he's chief investment officer of a port folio. you have got the feds blowing smoke and water and money at the stock market. we did have a good manufacturing report today, i like that because that's good for america. a lot of stuff that's not so good like jobs or unemployment. are you a bull or a bear? do you believe the market's going to go up or down? >> i believe it's going to go up, but the ism report, earlier this year we had bad job numbers and the market could lose steam going into the election, job numbers started to pick up all of a sudden, this manufacturing thing has been put to rest and it's going to alou us to focus more on this election. >> are
CNBC
Sep 26, 2012 4:00pm EDT
points. first of all, defense will and can make a contribution to deficit reduction. secondly, this is not the way. the sequester is the worst way to go about reducing defense spending. thirdly, the right way to do it is to go after taxes, raise tax revenue and cut the entitlement programs, which are driving long-term spending growth and debt creation in this country. it's not defense, which is on a relatively stable downward path. so, you know, i would agree that we need to cut our deficits. it's just the wrong way to do it. >> so what is the better way to do it? here we have, you know, automatic cuts coming, automatic tax increases coming. a lot of people predicting that 2013 will be a recession as a result of this. we haven't even heard from the defense companies in terms of how many jobs they're about to cut because of it. so what's the best way to do it? >> keep in mind nobody wants the sequester to happen. maybe chris and his colleagues at catos are an exception. the idea of a sequester is so awf awful, it would cut so deeply into spending, it should never happen. it's a
CNBC
Sep 25, 2012 3:00pm EDT
to curb out debt and deficit. but the president is ahead on who's better to get the economy back on track. steve liesman is here with the disconnect. >> we've been puzzling over this all day. i want to show you the results we have from our national survey of 800 americans. take a look on the economy. who would be better over the next four years. first of all, we asked people, are you better or worse with compared to the last four years? no question here. 55 to 27 definitively, things are worse. what about who's better over the next four years? obama beats romney by nine point. that's more than other surveys out there. caution here, weak survey. other surveys more interested in the political side. they survey registered and likely voters. how about jobs? six to two, worse on jobs. who's better? obama wins. the one place where romney wins is as maria said, on the next one, on the deficit. overwhelmingly, people think the deficit is worse than it was four years ago. they're right. they say romney, only within the margin of error, which is 3.5%, plus or minus on this poll. take a look at the
CNBC
Sep 27, 2012 4:00pm EDT
market companies? and what do we do about the deficit? >> john, it's great to have you on the program. thank you so much. >> thanks, maria. >> john thain joining us as chairman and ceo at cit. let's get to brian shackman. >> fascinating to look at this. they beat on eps and revenue. the the revenue was 6.67. take a look at the stock. it is dropping and continues to drop. now down 4%. it's been a percent every two minutes during that thain interview. we were looking at margins, looking at china, and the u.s. margins were compressed. that's a negative. china was better than expected. that's not offsetting things. u.s. was better than expected. that's not offsetting things. europe was supposed to be up 3.4%. it was down 5%. they paid more in taxes. their sg&a means they're spending more than they're taking in. it's a mixed bag. >> all right, brian. thank you so much. meanwhile, we told you research in motion out with earnings. the stock is soaring in the extended hours trading session. what does that mean to investors in we have the analysis on r.i.m. next. >>> and would you spend twice
CNBC
Sep 28, 2012 4:00pm EDT
, then there's no way we're going to deal with a $16 trillion debt and $1 trillion a year deficit. >> medicare, medicaid, social security. fe forget about that. >> this is a no-brainer. first of all, look on your cell phone bill with the tliline tha says universal service fund or fee. you're paying for this. you need to call your member of congress, your senators, call anybody you can and tell them to get on board with killing this program. i have been shocked at how hard it's been to convince people. a lot of that's because people don't know. but you're helping educate them. >> on the cell phone, it says universal fee, universal services fee. that's the cost that taxpayers are paying so that low-income folks can get these phones. that's what we should be looking for. just to be clear, they're not just getting a free phone, but free service. >> it's the service. what happens is the government pays the service and the phones are often given by the provider. that's right. >> all right, congressman. great to have you on the program. we'll be watching this developing story. really an extraordinary
CNBC
Oct 2, 2012 1:00pm EDT
a budget come out that continues to bring the deficit down to sustainable levels. europe has pledged to work in partnership with spain to make sure its banks get recapitalized and continue to afford a access the markets. we will see as they work in the partnerships the days ahead again, they have the tools and we see the political will on the part of the spanish go >> you watch spain, you just got back from china. i have a bunch of questions about china, stories in the paper, lael, in china is the first question, the second question is the republican nominee, mitt romney, has accused the obama administration of not being tough enough on china. the third question you have a report coming out october 15th on whether china is a currency manipulator. what are you going to say? >> well, let me just start with your first question. china's leadership team is undergoing a transition process and confront important questions how they are going to take forward their economic policy. steve, as you know, since day one, president obama's been extremely focused on achieving a more balanced relation
CNBC
Sep 25, 2012 4:00am EDT
bonds because they now have a pension deficit. that's nonsense, of course. what's happening on the corporate side? they're awash with capital. are we also getting less issuance and how much more money do corporates need to have? >> what's interesting is the eurozone credit market is shrinking year on year which is the first time it's done that for a long time. there's not only less issuance, there's less coming out to meet, retiring effectively. corporates as kelly said earlier, the economic outlook is not rosy. the motivation to carry out m&a activities is relatively low. so i expect the trend to continue. >> and the quality they're issuing isn't all that great either. >> the good quality have all the cash they need. so, you know, they don't need any who are. >> most of them have the cash. i think the good quality borrowers can borrow really easier. there's huge 2k3457demand for h the spreads are tight. >> angela merkel and mario draghi are both delivering speeches in berlin today. organized by the bdi which represents large and small enterprises, the day of industry is int
CNBC
Oct 2, 2012 7:00pm EDT
. deficit larry mean that is you are spending more than you are taking in. there are two things that you can do. you have to look at the spending to determine what you have to hold on. you have to set a priority to control spending. in the second thing you must have a program to increase growth in this country and new revenue. that makes a lot of the decisions about spending easier. you get more money coming in. >> president, you have been accused by your critics of failing to deal with entitlement spending reform and basically trying to raise taxes as the only means of deficit spending. are those charges fair? >> absolutely not. we had a deal going. myself and mr. baynor until mr. can toter stepped in. what i could support is that we would have tax cuts and we would have cuts in the budget and in areas certain revenues and increased ed in taxes. it seems fair $1 of tax increases and $3 to $4 of cuts in the budget. >> 3, to $4 to $1. could you guy into that? do you think your fellow republicans could buy into that? >> the more taxes you raise, the less growth you get. that is a economic pro
CNBC
Sep 28, 2012 6:00am EDT
of spending cuts or deshl resources to meet its 2013 deficit target. and fitch is lowering its 2012 growth forecasts both for china and india. citing deteriorating outlook of the global economy. so not a great way to start the morning. >> no, not great, but i like seeing what we did -- i saw ge and i was going to tell whoever thinks that we need to kiss up to them still -- >> minority partner. >> they are. but comcast would have been a better -- or we could have done both. and did i see something that it had first quarter, second quarter, third quarter? what do i need in the fourth quarter to get to the 30%? do we hahave that anymore? is that gone? no, they don't have it. >> i saw the dow, s&p and nasdaq. >> what did it add up to? adds up to like 15 or so. >> i just saw for this quarter. >> oh, it didn't show first quarter, second quarter -- >> no. >> there are corporate headlines. people started getting plaq blackberries? >> they beat expectations. >> they lost money, they beat expectations. >> but they added subscribers. >> subscribers in developed countries. the point is a developing --
CNBC
Sep 28, 2012 7:00pm EDT
teachers and expand student aid and beef up public unions, sure. cut the deficit and raise the tax rates on upper incomes of successful businesses, guess what it has not worked so far. if it was going to work, it would have already worked. so is this really obama's version of economic patriotism? let's talk. here's jimmy william and cnbc contributor of the american enterprise institute. what is so bloody patriotic about tax hikes, spending increases, regulatory increases and a lousy, worst economy since 1947? >> i'm worried what we will see in 2013 if the president wins is an economic patriot act. and part of it will be dramatically higher taxes on wealthier americans, entrepreneurs. anyone who thinks the end of the obama tax hikes are going to be raising it back to the clinton levels are crazy. you are going to see surtaxes, surtaxes on corporations. there's no way the obama spending numbers work without dramatically higher taxes far above what we saw in the clinton years. >> one of these things has my goat. obama talks about cutting tuition, you can't cut tuition if you expand student
CNBC
Oct 1, 2012 4:00pm EDT
. we wanted a menu of thoughtful choices to reduce our deficit and avoid sequestration. >> go through it for us. because, you know, i guess if it were that easy, it would have been a lot simpler getting to the point where we're at. can you talk to us specifics about what you think should be cut? >> sure. that's what we wanted to do in this report. it's more than $100 billion in agriculture, more than $100 billion in energy, and as i said, in agriculture, commodity crop payments, reforming crop insurance. in energy, we'd like to eliminate the entire tight. 17 loan guarantee program which includes the loan guarantee, you know, the program that brought you solyndra. we'd like to eliminate subsidies that have gone to the oldest and most profitable energy sectors, from the intangible drilling costs to the allowance for last in, first out accounting which actually affects more than the energy sector, but it's just a boondoggle for taxpayers in the u.s. it's not something that's allowed by international accounting stanstandards. in the defense sector, there's a real opportunity for savings b
CNBC
Sep 25, 2012 7:00pm EDT
. all kinds of things to try to deal with the deficit problem and these protesters are unhappy with the cuts that have happened. they don't want to see more of them on thursday. they need to do something. back to you. >> who are these people in the streets? >> that is a good question. most protests that you see in europe are orchestrated by the unions. this was more about younger people being out there. this was not organized by the unions even though they have been activity with protests in madrid as well. they have unemployment that is extremely high. >> live from madrid, spain. none of this seems to be scaring off veteran money manager, ken heebner. we'll hear this story in a few moments. please stay with us. >>> well, the pictures in spain contributed to the sell-off today. the dow dropped down to over 100 points. ken, great to have you. let me just have you, does it throw a monkey wrench into your optimistic monkey view? >> no. i think they are all agreed on a program to have more them doing the os teterity they are doing, they are going to support the ability of these cou
CNBC
Sep 26, 2012 6:00am EDT
their deficit taxes, so now they have less tax revenues, so now they have to do it all over again. what i think is funny is that rajoy has said out loud i'm only going to look for a bailout if our interest rates go up. >> and interest rates have not gone up. >> draghi does him a big favor. so he says well, i'm going to wait and see until if i really need it. when you're running the country, you're not going to ask for a bailout until you start to be choked again by the bond market. >> 6%, is that the number? is it 7%? >> i've been told 8% for spain. and these countries really can hold out for a long time. they just have to make very, very hard choices. if they seek a program which is esfs and draghi step in to start buying their debt thark can go on far very, very, very long time. greece is going along just doing tea bills every two weeks. >> what's strange is how europe goes away and the markets here forget about it for weeks at a time and then all of a sudden it's back on the play. >> i think that -- the reason it went away is draghi took cataclysmic events off the table. so they're not going
CNBC
Oct 1, 2012 6:00am EDT
. >> $80 billion? >> it's like 80 build per year. and we need to cut -- close the deficit by a trillion. we got a trillion dollar deficit and it raises like -- i think it's less. maybe 40 billion. >> are you correct, it's not sufficient. >> and he's not talking about anything else. you can keep your entitlement, keep this -- he's not talking about doing specific things with entitlements. >> you're right to this extent. he's not talking specifics on entitlements. >> it's mostly we'll tax rich people so that -- or people that make over 250 and you'll basically get to keep everything including the phones. >> joe, i thought you either wanted to talk about the last minute kick that a billy -- >> i didn't see that. oh, the redskins. >> or my terrific story on debates in the "new york times" this morning. >> it was between piece. it was a very good piece. >> i did see that. >> thank you. let me recap. >> you didn't even mention the bengals beat the redskins. >> i was going to if you brought it up. and congratses on the reds, too. they have tied the nationals for best record in baseball. so we've g
CNBC
Oct 2, 2012 6:00am EDT
looking at it with regard to krugman's piece and something to do with the deficit, is that going to be spun positively if they're working on it or more fearmongering that something really heinous will go down. >> okay. so keep sticking with what's working for now. we'll keep an eye on this. but kevin, thank you. you always keep us up-to-date on everything happening down there. >> one more quick thing i'll say. watch silver. a lot of popularity in it. we didn't get an outright sell signal, but we got very bearish divergences for silver when it made a new high yesterday. trading over $41 on ebay for silver coins. well over the price in the marketplace. so watch out for that. could be an actionable trade. >> okay, kevin. thanks for the tip. >>> if you have any questions, comments about anything you see here, squawk@cnbc.com. coming up, the chicago teachers strike back in the headlines this morning. we'll find out why next. and then ian poulter's in the building. attention golf fans ever where. >> look at that. every player's name. unbelievable. >> got to be careful. >> i don't want
CNBC
Sep 25, 2012 5:00pm EDT
. inherited a budget deficit of $27 billion. we've whittled that thing down. we're almost at balance. to get over the finish line, we need more income. that can come from the highest income earnings and one penny on a $4 purchase. that's the small sales tax. what's good about this, people get to choose. they can say no to those taxes, then we've got to cut. you can't take blood out of a turnip, as they say. we need the revenue to put into the schools or else. the people say no, i get it, and we'll manage austerity and we'll do it the best way we can. >> last question. so you say that gets us over the finish line, but doesn't the whole system need to be fixed in california with costs rising that got us here in the first place? >> oh yeah. that's why we have pension reform. we just had a dramatic change in reform in our workers compensation, and yeah, there's plenty. you find a lot of people in businesses, in churches, in universities and schools. they got flaws. and guess what, government's got some flaws. so the problems are never fully solved. got to keep at it. i've been at this business a
CNBC
Sep 26, 2012 12:00pm EDT
the announcement of the increase in the q3 spanish deficit to 4.77% of gdp and spending is out of control and they are going to have a budget released on friday and that's really all kind of spinning together. overlay that with the potential that moody's could down grade the country to junk sometime this week and that's what i was looking for. >> does anybody care what moody's thinks any more? >> i think it adds fuel to the fire. >> when the u.s. got downgraded our interest rates went down, right? i am not sure that that has a big effect anymore, at least, what's your trade and what are your levels? >> right. so i was looking for a pullback in europe. we got it to the 128.50 level. that's why i wanted to buy. this is a medium term trade. i am giving it room on the downside and the 150 stop-loss and tray profit were the highs were 1.3150. on the upside is blew through it hard and should be support on the way back down. >> do you think the rally was just short covering? >> a lot of it had to do with short covering and it is basically a situation where you are eliminating the tail risks for
CNBC
Sep 26, 2012 3:00pm EDT
tomorrow. we know it's going to have a lot of deficits. >> what happened last week when the german high court made their decision in everyone thought, this is great. now the ecb can do what they need to do. everything's going to be good. that's not the way it is at all. >> i want to tell the ceo of i-cap is making it happen. they will ask for help, won't they? those conditions are being negotiated right now. >> at some point they have to. it's still that delay, that uncertainty. we've also had a very nice run here. we're over 20% above where we were a year ago. it's not natural to have these low pull backs from time to time. >> this 3% full back from 1475 to now is like a 3% pull back. not the end of the world, but certainly something the market needs to do in order to test the support. >> you told us in the last segment that your asset allocation broadly speaking is about 61% stocks, 39% bonds. the bonds scene is something of a safe haven play here. what about those who feel that the tremendous low yields we're seeing means we're in something of a bubble? artificial bubble, maybe, forc
CNBC
Sep 27, 2012 12:00pm EDT
to be smaller or, in fact, result in deficits. those are markets that we're looking for to identify. >> kathleen, thanks for coming on. >> thank you for having me. >>> coming up, our top three trades of the day. find out which companies made the cup. plus, research in motion, dead or alive? we'll take the company's vital signs after this. shares tumbling 69% over the past year. >>> and where citigroup's head of global real estate is seeing the most upside potential. we'll hear from tom. halftime report returns right after this. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. want to try to crack it? yeah, that's the way to do it! now we need a little bit more..
CNBC
Sep 27, 2012 1:00pm EDT
phones and budget deficits. but you see britons as something very different, somebody unlike yourself, which is not true. >> it means great charter. >> i saw that. >> all i know is corpus christi is a town in texas. i don't know what it means. habeas corpus? jon, you're a lawyer. what does habeas corpus mean? >> i don't know. >> there's a lawyer, he doesn't know. and he's not even british. how do you like that? anyhow, moving on to the next one, right? sears and darden restaurants offering cash to buy their own health plans. the company says it's not to save money. yeah, right. but do give workers more control. i always like that when they put it in there as a more controlled kind of thing. >> that's not the purpose of an employer, to give you more control. so you know at some level this is about saving money for the company. so what that means is over the long term health care costs are going to shift to employees. this is happening in a lot of big companies. they're considering -- >> here's what our yahoo.com poll says, finance.yahoo or whatever it is. a majority of americans want to stick
CNBC
Sep 27, 2012 3:00pm EDT
're buying the entire deficit. >> do you think he's right? >> it's an important thing. you don't want to get into what we call the fiscal dominant regime where the fiscal authority or the congress and the president, they're borrowing a lot of money and the fed's role is to keep the interest rates low. that will end in tears. that is a bad policy. i'm fairly certain that none of my colleagues on the fomc are interested in going that direction. we're going to pursue monetary policy that is the right one for the nation, but it's not one that's trying to enable irresponsible fiscal policy. >> what are you hearing from business managers out there today? one of your colleagues said many times business managers are holding back from spending because of the uncertainty. they don't know what tax rates are going to be next year. do you agree with that? >> yeah, there's no question. my business contacts say the same thing here around the eighth district. the uncertainty around the future tax situation is serious. the uncertainty around the future of the u.s. economy is a serious damper on investment. i
CNBC
Sep 28, 2012 1:00pm EDT
for the wealthy as part of the eurozone country's plan to bring down its deficit. so which other countries have super-high tax rates? and what are the implications here in the u.s., robert frank? >> reporter: well, franco francois allan brought bad news for the french today. this increases their tax rate from 48% to a whopping 75% income tax rate. this would apply to people who make more than 1 million euros a year. and france now by far has the highest income tax in the world. if you look at this chart you see france there at number one, second place is aruba followed by sweden, 56%. then the u.s. way down on the ranks at number 35. sort of in the middle of the whole list with its again 35% top tax rate in the u.s. early estimates said this 75% tax rate would only affect around 30,000 taxpayers. but i've been on the phone with a lot of french tax lawyers this morning. they said the number's far lower. maybe only 2 to 3,000 people in france would actually pay this tax. the reason is that this tax really only applies to salary and ordinary incomes. it doesn't apply to capital gains, interest inc
CNBC
Sep 26, 2012 4:00am EDT
't going to help, it's only going to make it more difficult to meet deficit targets. it's only going to make it more difficult to work down that debt to gdp ratio when the denominator is also shrinking. >>> while we focus on spain and yields rising, we do have the result of this italian tea bill auction. the six-month bill auction, the yield, 1.503%. it was 1.58% at the end of august, the lowest since march. there is a contrast here between what is happening with italian auctions and spanish auction. we saw earlier this week, the spanish bill auction yields up since august. they continued to fall. they are still going lower in italy. once again, maybe the market price differently in italy and spain. >> even though italy has key elections coming up next year, we're hearing some rhetoric as to whether or not he's going to run. of course he didn't run last time, but nevertheless, here's someone who -- the potential for this event and to mark an uncertainty. italy still viewed more favorably. >> i didn't see if they rais raised -- did you see the amount? >> looks like they went for a nin
CNBC
Sep 26, 2012 9:00am EDT
we can cut the deficit and champion small business. i think you have seen a good amount of policy from our campaign and i expect over the coming weeks you will be hearing more. >> and people obviously will be looking for specifics. for instance, i know i am not going to get you to talk about what specifically or how the romney administration would make up for lost revenue, but when it comes to questions like get asked a lot in business circles like the mortgage interest deduction, can we take that off the table or call it safe? >> i think what governor romney said is first of all he is not interested in raising taxes on anyone, particularly during this difficult economic time. i think particularly for middle income taxpayers there are priorities like a tax priority for homeownership that is quite important, but the reality is if you're going to get to tax reform, which we're committed to doing, you have to look at the entire scope of tax expenditures and that's something that we have said repeatedly. ultimately, this is about leadership and what candidate is going to lead america
CNBC
Sep 28, 2012 9:00am EDT
on the rich and large companies to slash the deficit. will the wealthy flee in response? first rick santelli is working on the next hour of "squawk on the street." hey, rick. >> hi, carl. you know, yesterday when the spanish budget came out people on the floor were running around. i grabbed one of my sources and said hey. do they like it? he goes they must. stocks have rallied. when did the stock market become the validation for all economic fundamentals? we know that quantitative easing distorts stock prices. this is the topic. the real topic is lest we forget because there have been stock markets in the past like the nasdaq that have important lessons for us to learn and we'll go over all of that at the top of the hour. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manag
CNBC
Sep 25, 2012 6:00am EDT
in the 10% to 15% range. the deficit, the one issue of the eight categories where romney wins it but look at the huge margin. 73% of the public says it's worse than four years ago. flthis side, romney has a slight edge thank you for going backward, brian. one other issue i want to show you here, america's standing in the world, a lot of talk with the u.n. and issues of foreign policy, overwhelming margins americans think our standing in the world is worse than it was four years ago. flip on over, who is better? obama, 44-32, again, romney's support never goes above about 38% but that neither remains around 10, 11 or 12%. i want to show you the three categories where americans say things are not worse, stocks, 34% say things are better than they were four years ago, that's really interesting. i'll get more into this at 10:00. the s&p over the past four years is up 80% but only 34% of americans say their stocks are better. wages are even, 28% say better, 28% say worse, 42% say the same and this one, i thought this was interesting, personal health care access, you can say this is a success f
CNBC
Sep 25, 2012 9:00am EDT
industry, stimulus, home modification and the deficits are going up, up, up. so i blew a valve on it. what would it be like to have this president with a lame duck scenario where he has no governor, where he can do without the notion that he has to get re-elected again. do you see this as a big market issue, in terms of dividend taxes, obama care, taxes and higher fees there? >> i most certainly do. i think he's going to try to push his agenda. some people want to look back too the clinton years when he lost big time in the midterms just as obama did. >> november '93. >> clinton gave ground. obama has given no ground. i don't know there's any indication he'll give any ground this time. that's a big mistake if that's the case. i hope not. but it appears that's a real possibility. >> how times have changed. i thought mitt romney had a bit of a -- he could do a bit of a "saturday night live" skit, he had some good laughs there, but think about al gore, vice president to clinton, how often did he use president clinton when he was campaigning in 2000? >> times do change, you know. right now you
CNBC
Sep 27, 2012 9:00am EDT
to 2014 and get the deficits back on track and get the economy back on track and get the pay masses of germany and the ecb off their backs. and the bond markets. all other things did not remain equal, and the economy continued to contract. the bond markets have begun to sell off now. and the pay masters say we need more austerity. for a country that's in deep recession that has 25% unemployment, 50% youth unemployment and a recessionary environment since december last year, that is a bitter pill to swallow. it is a bitter pill literally on the ground where i'm standing because for the last two nights, the public have protested. we've seen behind me these barricades which are blocking the entrance to the parliament for the protesters over the last 24 hours. that is where we saw the rubber bullets and indeed around thousands of protesters just bemoaning their luck in what is a tough environment. what will rajoy try and do next? we're talking about another bout of taxes, some saying 40 billion euros worth of spending cuts and tax hikes, but there are real red lines which rajoy could st
CNBC
Oct 2, 2012 9:00am EDT
" perhaps that will be embraced. imagine what would happen if we dealt with the budget deficit in a meaningful way and did deal with the issues? one thinks the uncertainty cloud goes away. if it doesn't, there's something else going on. >> i was referring to a sorkin column arguing that a lot of the p.e. firms have to use this money in the next few months. pretty lofty money when you talk about price times, even at dow, right? >> i'm surprised there hasn't been more activity from private equity. they need to put the money to work or god forbid to give it back. that's not something they want to do. they can borrow fairly well. maybe not to the size overall of the deals percentagewise, but incredibly generous terms and we have not seen the kind of deals we may have anticipated. i know andrew wrote about that today. >> i'm pro-law on "mad money" as the large real estate trusts are getting industrial use in warehouses. he said something really interesting, you know what? we are finally running out of space. we are going to have to start building. nobody's building anything. don woo
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